Research On The Impact Of Artificial Intelligence Development On Bank Employment

Nowadays,the rapid development of artificial intelligence in the world has attracted great attention and is also a hot topic in research.As a new general technology,artificial intelligence has huge application space and infinite potential in various fields.At present,the application of artificial intelligence has already replaced some manual works,causing some unemployment and making people worry about their employments in the future.Banks play an important role in the economic market,while enjoying the convenience and efficiency brought by artificial intelligence,it has also suffered some impacts.One of the issues that needs special attention is the employment of workers.According to the semi-annual report statistics,with the popularization of intelligent counters in China,five state-owned banks decreased 162 outlets in total in the first half of 2017,and the number of tellers decreased about 27,104.In a recent calculation,Boston Consulting Group(BCG)pointed out that 23% of the jobs in China’s banking industry will undergo disruptive changes in the next 10 years due to the influence of artificial intelligence.Technological revolution always causes "creative destruction".While creating new productive forces and new production organization methods,it will inevitably be accompanied by the destruction of old productive forces and old production organization methods.In this process,there is often a large number of unemployment.At present,some scholars in the United States and Europe have evaluated the unemployment risk that artificial intelligence may bring,but the relevant research in China is still very few.In chapter 1,this chapter introduces the background and significance of the topic.In chapter 2,starting from the classical economic theories,this paper discusses discusses the theory of technological unemployment between technological inprovement and employment,including Marx’s theory of relative overpopulation,Schumpeter’s "creative destruction" and "periodic unemployment" theory,new Schumpeter’s theory,which is the basis of theoretical research in this paper.In chapter 3,the impact of the development of artificial intelligence on China’s banking industry is analyzed.By integrating and analyzing the statistical data of various documents,the current employment situation of banks is mainly introduced.In chapter 4,this paper discusses the impact of artificial intelligence development on bank employment.The changes of total bank employment are discussed respectively from the destruction mechanism and compensation mechanism.Through theoretical analysis and latest data,it is found that artificial intelligence will have a positive effect on bank employment in the short term,which means,the impact of compensation mechanism will be greater than the impact of destruction mechanism.Also,the changes brought by artificial intelligence to the employment structure of banks are analyzed.The impact of artificial intelligence development on the employment structure of banks can be divided into two effects,including the changes of employment positions in banks,the overall improvement of the labor force quality;and this paper discusses the impact of artificial intelligence on employment in banking-related industries.Analysis shows that artificial intelligence changes the employe structure of banks,promote the quality of the bank labors and creates more effective social demand and will creat more jobs in related industries.In Chapter 5,is the empirical part of this paper.The relevant data’s time span is is from 2011 to 2017.Using regression analysis,error correction model and other data analysis methods,this paper demonstrates the impact of AI development on bank employment.In the part of demonstrating the change of total bank employment,it chooses the amount of bank employment in China as the explained variable,and the research finds that the development of artificial intelligence promotes the total bank employment.In the part of demonstrating the change of bank employment structure,this paper studies the change of bank internal employment structure,the quality of bank labor force and the amount of employment in related industries.In the study of internal employment structure of banks,it chooses bank teller post,technical post,business marketing post and risk management post as explained variables,and it finds that the number of employees in teller post and risk management post decreases,while the technical and business marketing posts increase continuously;Secondary education level and higher education level are selected as indicators for the structure of bank labor force.The number of employees with secondary education decreases with the application of artificial intelligence,while the number of employees with higher education increases.In the study of the change of employment of related industries,securities industry and insurance industry are selected as the relevant industries.In these industies,both of these industies employment number will increase with the development of artificial intelligence.In Chapter 6,based on the research,the conclusion is drawn and some feasible policy suggestions are given on the practical level,to promote the development of banks,the development of artificial intelligence and to solve the employment problems of banks in China.The possible innovation of this paper lies in choosing the employment volume and employment structure of banks as the research theme,supplement and expand the previous research results.The disadvantage of this paper is that the relevant information about bank employment disclosed by banks is not comprehensive enough,and the available analysis indicators and data are limited,which may cause research errors.